Axalta is a global manufacturer and distributor of high-performance coatings, focused on two end markets: automotive refinish and mobility coatings. The refinish business — the larger and more profitable segment — sells coatings systems and color-matching technology to roughly 96,000 body shops worldwide through a network of over 5,000 independent distributors. A key differentiator is Axalta's color database of over four million formulations covering roughly 230,000 color variations, enabling precise color matching for virtually any vehicle. Once a body shop adopts Axalta's system and installs its mixing equipment, switching costs are high, creating durable customer retention. Mobility Coatings supplies primers, basecoats, and clearcoats directly to light vehicle and commercial vehicle OEMs — including nine of the top ten global automakers — at over 200 assembly plants. Once qualified on a vehicle platform, Axalta is typically embedded for the life of that platform. Axalta operates two segments: Performance Coatings (~62% of net sales), which includes refinish and industrial coatings, and Mobility Coatings (~38%). Revenue is recurring by nature, as body shops and OEMs continuously consume coatings. Raw materials are the largest cost component, managed through pricing actions and contractual indexing. In November 2025, Axalta announced an all-stock merger of equals with AkzoNobel, which would create one of the largest global paints and coatings companies, with management citing $600M in synergy potential.